Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the quarter ended 31st March 2012
DGAP-News: Betbull Holding SE / Key word(s): Quarter Results Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the quarter ended 31st March 2012
31.05.2012 / 14:00
Betbull Holding SE Press Release - 31 May 2012
Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the quarter ended 31st March 2012
1. Financial highlights for the quarter
- Betting stakes of EUR 19.5m for the quarter up 5.4% compared to EUR 18.5m in QI 2011.
- Net gaming revenue of EUR 3.5m for the quarter down 2.8% compared to 3.6m in QI 2011.
- EBITDA of EUR 0.2m for the quarter down EUR 0.3m compared to EUR 0.5m in QI 2011.
- Adjusted EBITDA (before share benefit charges) of EUR 0.3m for the quarter down EUR 0.2m compared to EUR 0.5m in QI 2011.
- Profit for the quarter of EUR 0.1m down EUR 0.1m compared to profit of EUR 0.2m in QI 2011.
- Cash position as at 31 March 2012 of EUR 7.7m compared to EUR 8.5m as at 31 December 2011.
The unaudited financial statements for the quarter ended 31st March 2012 will be published on the corporate website www.betbullse.com.
2. Business highlights for the quarter
During the first quarter of 2012, Betbull's business performed well. Sports betting turnover increased noticeably considering that Betbull's shops in the Federal States of Lower Saxony and Rhineland-Palatinate were barred from selling sports bets, as compared to QI 2011 when this was still possible. Betbull is subject to administrative actions in these two states based on an extension of the previous State Treaty on Gambling of 2008, originally meant to expire on 31 December 2011. Despite the increase in turnover, net gaming revenue derived from betting decreased slightly due to high winnings by customers in January.
The betting turnover in gaming halls and the slot machines business (in licensed betting shops) is positive and Betbull is in the steady process of optimizing the gaming product offering and the number of active slot machines.
In Schleswig-Holstein, sports betting licenses for online sports betting have begun to be granted under the Gambling Act Schleswig-Holstein ('Glückspielgesetz Schleswig-Holstein'). Betbull has filed its license application for retail sports betting and expects to obtain a license in due course. Even though the ruling parties of Schleswig-Holstein have lost their majority in the state elections on 6 May 2012, it is likely that the (expected) new coalition will continue to proceed with liberalisation of the gambling sector in Schleswig-Holstein.
In contrast, the legal situation in the other 15 German federal states is not as promising as in Schleswig-Holstein. It is still unclear whether the New State Treaty on Gambling ('Glücksspieländerungsstaatsvertrag') signed by 15 federal states in December 2011 will be ratified by the required number of federal states (13 out of 15) before 30 June 2012 in order to become effective on 1 July 2012.
Commenting on today's press release Alexander Leip, Managing Director of Betbull Holding SE, said:
'We are pleased with the Schleswig-Holstein Gaming Authorities for beginning the process of liberalising the Gaming sector in Germany with the issuance of betting licenses in a transparent and fair manner. Betbull will comply with the licensing process, and we look forward to operating in Schleswig-Holstein under the new licensing regime.
We hope that the regulation of the gaming market in the other Federal States will be executed under a similar licensing regime in due course and also in a transparent and fair manner. Unfortunately, the draft implementation laws ('Ausführungsgesetze') being discussed in the federal state parliaments raise doubts about a fair process of issuing licenses and assigning betting outlets to the future licensees, especially as they favour the state operator.'
Despite the regulatory uncertainties, Betbull is investing significantly in new retail units, with a steady refurbishment of the existing retail network as well as upgrading core technology.
QI saw the completion of the refurbishment of Betbull's flagship store in Frankfurt (Kaiserstrasse 42), and the opening of a new flagship store in Konstanz (Emmishoferstrasse 2) offering bets on Horses and Sports in addition to providing Slot Machines.
Looking forward to QII, Betbull plans to open two new betting shops in Leipzig and Passau, as well as a new gaming hall in Rennerod. Further agreements have been signed to purchase a gaming hall in Kiel, contingent on the grant of a license. The franchising business is also planned to expand by at least 5 additional agents in QII.
On the expansion topic, Alexander Leip further commented: 'We believe that Betbull is prepared to expand its retail betting business in a fully regulated market quickly and economically - through organic growth, acquisitions and strategic partnerships.'
Betbull Holding SE Consolidated income statement for the quarter ended 31 March 2012 ____________________________________________________________________
2012 2011 (3 months) (3 months) EUR EUR Betting Stakes 19.496.193 18.540.330 Customer winnings (15.589.978) (14.452.697) __________ __________ Gross hold 3.906.215 4.087.633 Other gaming income 520.639 483.975 Commissions to third party agents and bonuses (957.748) (1.027.758) __________ __________ Net gaming revenue 3.469.106 3.543.850 Other operating income 33.263 32.235 __________ __________ Total income 3.502.369 3.576.085 Direct costs and betting taxes (750.123) (620.036) __________ __________ Gross profit 2.752.246 2.956.049 Personnel costs (1.358.706) (1.425.805) Cost of premises (776.099) (851.367) Mobility and distribution costs (107.206) (107.243) Other operating costs (253.731) (82.662) __________ __________ EBITDA before share benefit charge 256.504 488.972 Share benefit charge (30.768) (12.007) __________ __________ EBITDA 225.736 476.965 Depreciation & amortisation (92.040) (103.281) __________ __________ EBIT 133.696 373.684 Financial result 13.262 5.741 __________ __________ Profit before tax 146.958 379.425 Taxation (26.372) (184.013) __________ __________ Profit for the quarter 120.586 195.412
Betbull Holding SE Consolidated balance sheet at 31 March 2012 ____________________________________________________________________
2012 2011 (3 months) (3 months) EUR EUR Goodwill and investments 15.684.454 15.552.281 Fixed Assets 1.212.616 823.905 Non-current assets 180.154 70.614 Current assets 2.322.274 2.136.209 Cash and cash equivalents 7.682.361 8.939.094 __________ __________ Total assets 27.081.859 27.522.103 __________ __________ Equity 11.714.624 11.714.624 Profits/(losses) 5.130.131 (12.899.596) Reserves 8.168.552 26.363.385 Current liabilities 2.068.552 2.343.690 __________ __________ Total equity and liabilities 27.081.859 27.522.103
- ENDS -
Contact
David De Marco.
d.demarco@betbull.com Phone +356 21494443 Fax +356 21480132
Betbull Holding SE Mariahilfer Straße 116 1070 Vienna Austria
Betbull Holding SE is registered at the Commercial Court of Vienna under the Company register Number FN 353397b (formerly registered in England & Wales under the Registration Number SE12).
This communication can be downloaded from the website www.betbullse.com.
About Betbull:
Betbull is an established provider of gaming centred retail entertainment, based in Vienna, Austria. Betbull offers its customers principally horse and sport betting at licensed betting shops, complemented by slot machines, internet betting and sport bars. Betbull accepts bets based on licences in Malta and Germany. In Germany, Betbull products are available above all under the 'Wettenleip' brand. Betbull itself has been quoted on the Third Market of the Vienna Stock Exchange ('Other Securities') since October 2004 (ISIN AT0000A0KPX9, formerly AT0000615331) and was established as a joint venture between Fun Technologies Plc and bwin Interactive Entertainment AG. For detailed information on Betbull, visit www.betbullse.com.
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Language: English Company: Betbull Holding SE Mariahilfer Straße 116 1070 Wien Austria Phone: +356 21480131 Fax: +356 21480132 E-mail: info@betbull.com Internet: www.betbullse.com ISIN: AT0000A0KPX9 WKN: A1C86G Listed: Freiverkehr in Berlin, Stuttgart; Wien (Dritter Markt (MTF) / Third Market (MTF))
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ISIN AT0000A0KPX9
AXC0174 2012-05-31/14:00
